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Private Equity Health Care Acquisitions – January 2021

February 8, 2021

In light of the growing investor interest in health care and the risks associated with private equity ownership of health care companies, the Private Equity Stakeholder Project will be tracking private equity-backed health care acquisitions. Below is a list of private equity health care buyouts and add-on acquisitions completed during January 2021. We will continue to track acquisitions on a monthly basis.

See December 2020 acquisitions here.

Interim Healthcare – Levine Leichtman Capital Partners

Levine Leichtman Capital Partners’s Interim Healthcare in January acquired home health and hospice franchises in San Diego, CA. Interim Healthcare is the US business for Levine Leichtman’s Caring Brands International, which operates home health and hospice franchises internationally. This is the third acquisition made by Caring Brands International in the last six months; it acquired hospice franchises in Ireland and Australia in June and November 2020.[i]

Levine Leichtman owns multiple other health care companies, including Genova Diagnostics, Capsa Healthcare, Monte Nido, Suvet, and Therapeutic Research Center.[ii]

Two of Levine Leichtman’s health care companies paid to settle lawsuits with the US government alleging billing fraud last year, including Interim Healthcare.

In March 2020, an Interim Healthcare franchise paid $1.75 million to resolve claims that it defrauded Medicare and Medicaid by submitting claims for patients not eligible for the hospice benefit. The government alleged that the company’s business practices resulted in the submission of false claims, including “setting aggressive goals for enrolling patients and failing to supervise properly the admission practices of its staff and medical directors.”[iii]

In April 2020, Levine Leichtman’s Genova Diagnostics, a clinical laboratory services company, agreed to pay up to $43 million to resolve allegations that it billed for medically unnecessary tests.[iv] The complaint in the lawsuit alleged that, “Genova, at the direction and with the knowledge of its owners and managers and in a wrongful effort to increase revenues, systematically bills Medicare and Medicaid for the Panels’ tests.”[v]

Levine Leichtman Capital Partners V and multiple Levine Leichtman directors were named as defendants in the suit. The complaint stated that Levine Leichtman is a controlling shareholder of Genova, that Levine Leichtman Directors constitute a majority of its board of directors, and at all relevant times Levine Leichtman controlled the company.[vi]

Audax Group

Private equity firm Audax Group was particularly active in January, making at least ten health care acquisitions.

Audax’s dental services company 42 North Dental acquired three new practices: JD Howard Dental (New Hampshire), Restorative and Aesthetic Dental Associates (Maine), and The Center for Pediatric Dental Care and Orthodontics (Massachusetts). 42 North now operates in 88 locations.[vii]

United Urology Group, Audax’s urology practice management company, invested in Urological Associates of Southern Arizona and Arizona Institute of Urology.[viii] Audax formed United Urology Group in 2016 when it acquired Chesapeake Urology Associates.[ix]

Active Day, Audax’s adult day care company, acquired Community VNA in Massachusetts and Our Father’s House in Ohio.[x]

Audax’s Axia Women’s Health acquired Care First OB/GYN Group, a women’s health clinic in New Jersey. Audax formed Axia in 2017 as a platform a variety of women’s health specialties. Audax is now reportedly looking to sell Axia.[xi]

Audax also acquired Texas ENT Specialists and combined it with its South Florida ENT Specialists. Both companies provide services to ear, nose, and throat (ENT) practices.[xii]

Finally, Audax partnered with Linden Capital Partners to acquire StatLab Medical Products, a manufacturer of medical prodicts.[xiii]

Audax previously owned prison healthcare company Correct Care Solutions, which was sued at least 1,395 times.[xiv] Correct Care’s founder has been indicted for bribery that allegedly occurred while Audax owned the company.[xv]

Add-on acquisitions

Company NameAcquiring entityPE FirmType
SyntactxNorth American Science AssociatesArchiMed and Ares CapitalClinical research
Sun Nuclear CorporationMirion TechnologiesArdian, Charterhouse Capital Partners and BpifranceMedical devices
Progressive RadiologySolis MammographyAres Capital and Madison Dearborn PartnersMedical imaging
Arizona Institute of UrologyUnited Urology GroupAudax GroupUrology
Care First OB/GYN GroupAxia Women’s HealthAudax GroupWomen’s health
JD Howard Dental42 North DentalAudax GroupDental services
Restorative and Aesthetic Dental Associates42 North DentalAudax GroupDental services
Texas ENT SpecialistsSouth Florida ENT AssociatesAudax GroupEar, nose, and throat
The Center for Pediatric Dental Care and Orthodontics42 North DentalAudax GroupDental services
Urological Associates of Southern ArizonaUnited Urology GroupAudax GroupUrology
Community VNAActive DayAudax GroupBehavioral health
Our Father’s HouseActive DayAudax GroupBehavioral health
Bridgeway Health ServicesReliant Home HealthBroadgate Capital and Merit Capital PartnersHome health
Eyes of YorkVision Innovation PartnersCentre PartnersEye care
Clarion BrandsBridges Consumer HealthcareCharlesbank Capital PartnersPharmaceuticals
DrexiAdvanced Medical Pricing SolutionsCimarron Healthcare Capital, RAF Industries, Leavitt Equity PartnersHealth care billing services
SaliencyBioclinicaCinvenMedical devices
Grace Hospice & Palliative CareTraditions Home Health CareDorilton CapitalHome health and hospice
Traditions Home CareTraditions Home Health CareDorilton CapitalHome health and hospice
Secure Home CareTraditions Home Health CareDorilton CapitalHome health and hospice
Heritage HospiceTraditions Home Health CareDorilton CapitalHome health and hospice
Farley CenterSummit Behavioral HealthcareFFL PartnersBehavioral health
Hometown RehabCORA Health ServicesGryphon InvestorsPhysical therapy
MediDrapesInfab CorporationHammond, Kennedy, Whitney & CompanyMedical supplies
HIPAA OneIntraprise HealthHealth Enterprise PartnersHealth tech
MicroWorksInfinity laboratoriesImperial Capital GroupMicrobiological testing services
Keystone PhysicsAssociates In Medical PhysicsL2 Capital PartnersRadiation services
Mednow Urgent CareXpress Wellness Urgent CareLatticework Capital ManagementUrgent Care
Midatlantic UrologySolaris HealthLee Equity PartnersUrology
Interim HealthCare (San Diego Franchises)Interim HealthCareLevine Leichtman Capital PartnersHome health and hospice
Slice Manufacturing StudiosAvalign TechnologieLinden Capital Partners and Harvest PartnersMedical devices
American Renal AssociatesInnovative Renal CareNautic PartnersDialysis services
Community Eye CenterQuigley Eye SpecialistsNew Harbor Capital and Dellin InvestmentsEye care
Docent HealthGetWellNetworkPamplona Capital ManagementHealth tech
Midwest Eye CenterEyeSouth PartnersShore Capital PartnersEye care
PEDIA (Chicago)Redwood DentalSilver Oak Services PartnersDental services
MarketwareMedsphere SystemsSixth Street Partners, NextEquity PartnersHealth care marketing tech
Project FarmaPrecision Medicine GroupThe Blackstone Group, Berkshire Partners, TPG Growth, Vida Ventures (Boston), and Oak HC/FTBiomanufacturing
ExscribeModernizing MedicineWarburg Pincus, Summit Partners and Mayson Capital PartnersHealth tech
Associates In GastroenterologyOne GIWebster Equity PartnersGastroenterology
Companion Hospice (California Operations)Bristol HospiceWebster Equity PartnersHospice
ExceleraRxShields Health Solutions HoldingsWelsh, Carson, Anderson & StowHealth tech
Dr. Joseph Newmark (Dermatology Practice)Schweiger Dermatology GroupZenyth Partners, LNK Partners and LLR PartnersDermatology
Montgomery DermatologySchweiger Dermatology GroupZenyth Partners, LNK Partners and LLR PartnersDermatology

New PE investments/buyouts

Company NamePE FirmType
Coastal OccupationalAkeso Medical Holdings and Kain CapitalOccupational health
Genezen LaboratoriesAmpersand Capital PartnersBiotech and pharmaceuticals
StatLab Medical ProductsAudax Group and Linden Capital PartnersMedical supplies
Healthcare Fraud ShieldCharlesbank Capital PartnersHealth tech
CareMetxGeneral AtlanticHealth tech
Valeo Home HealthcareGrant Avenue CapitalHome health
Corza MedicalGTCRMedical devices
Crothall Laundry Services (Arizona)H.I.G. CapitalHealth care laundry services
Electron Microscopy SciencesInverness GrahamMedical supplies
Femwell Group HealthLightBay CapitalWomen’s health
CoreRxNovaQuest Private EquityContract development & manufacturing
Careismatic BrandsPartners GroupMedical apparel
Southern ScriptsWater Street HealthcarePharmacy benefits management
KinicitiWelsh, Carson, Anderson & StoweCell and gene therapy
PrecisionMedWest-Atlantic PartnersBiopharmaceuticals






[vi] pg. 8.










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